(1) Before making a regulated consumer credit agreement, other than an excluded agreement, the creditor must undertake an assessment of the creditworthiness of the debtor.
(2) Before significantly increasing -
(a) the amount of credit to be provided under a regulated consumer credit agreement, other than an excluded agreement, or
(b) a credit limit for running-account credit under a regulated consumer credit agreement, other than an excluded agreement,
the creditor must undertake an assessment of the debtor’s creditworthiness.
(3) A creditworthiness assessment must be based on sufficient information obtained from -
(a) the debtor, where appropriate, and
(b) a credit reference agency, where necessary.
(4) For the purposes of this section an agreement is an excluded agreement if it is -
(a) an agreement secured on land, or
(b) an agreement under which a person takes an article in pawn.